Bristol garage Streetwise Automotive has become one of the first small businesses in the South West to benefit from the recently- launched National Loan Guarantee Scheme (NLGS).
Whitehall-based Streetwise Automotive’s owner-director Mitch Bull has used the scheme to help buy the freehold of the firm’s 7,000 sq ft premises for £550,000, and in doing so received a cash-back lump sum of £18,000 from Barclays.
Buying the two workshops, reception area and large forecourt will help strengthen the company’s growth strategy. It plans to hire an additional technician, taking staffing to six, to keep up with mounting customer demand.
Mr Bull set up the business in 2008, drawing on his background of working in a VW dealership for more than 14 years. It now turn overs £500,000-plus a year and is looking to grow substantially over the next five years.
Streetwise provides garage services, MOTs, and repairs to between 70 and 80 used cars a week, predominantly VW, Audi, Seat and Skodas, before taking the plunge and setting up in business on his own.
Mr Bull qualified as a mechanic at the City of Bristol College’s Soundwell Centre in 1994 – just around the corner from Streetwise.
He said: “We pride ourselves on the customer experience we offer. This includes operating from premises which are clean and professionally managed at competitive prices. The timing of this investment could not have been better and the £18,000 cash back payment from Barclays will provide a buffer to help manage finances over the coming months.”
Barclays Bristol-based relationship manager Jimmy Johns said: “By giving our customers the full benefit of the NLGS on day one, they receive a cash lump sum which they can put to use immediately to grow their business. We think this is more useful than drip feeding the value over the lifetime of a loan. SMEs (small and medium-sized businesses) are the lifeblood of our economy and we’re delighted to be part of a scheme that means we can offer this new initiative to our customers. The funding is limited so we need to ensure as many Bristol businesses as possible are aware of and taking advantage of this new scheme. ”
